Pineapple (formerly Amyti) is a Johannesburg-based P2P insurer, and South Africa’s first P2P insurer. Last month, Pineapple received R5.2 mn in seed funding from Lireas Holdings, the strategic investment arm of Hannover Re Group in Africa.
Pineapple is planning to base its business model on three key pillars:
- Customer transparency: How the premium is used (the underwriting process and profit use).
- Fairness: Enable policy holders to withdraw the unused premium.
- Affinity: Bring like-minded individuals together and revive the original community protection concept of insurance.
Pineapple is currently competing with South African brokers MyWay, Outsurance and Santam. The Pineapple app and platform will soon be available on both the Google Play Store and the Apple app store. Users will also be allowed to instantly insure their most-valued possessions in a fair, rewarding and frictionless method.
“Our true innovation of creating a decentralised peer-to-peer insurer is only as good as how well we can deliver that business model to our users. This drives us to be absolutely meticulous when it comes to our user experience in order to minimize the friction of getting insured,” said Pineapple co-founder Matthew Elan Smith.
Ultimately, with Pineapple , users are able to pay and, more importantly, track their premiums online. They can even choose the network they would like to pool their premiums into. When the claims are paid, Pineapple charges a processing fee and also makes a payout of whatever unused premiums are left of the pool. The incentive of being ‘paid back’ will help in reducing frauds. The policies will be underwritten by Compass Insurance.